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Commissioner of Income Tax v. Bharat Heavy Electricals Limited (BHEL) | Delhi High Court Dismisses Revenue Appeals for Want of Committee on Disputes (COD) Approval
Facts of the
CaseThe Revenue/Income
Tax Department filed multiple income tax appeals against Bharat Heavy
Electricals Limited (BHEL) before the Delhi High Court. During the hearing,
counsel appearing for the Revenue ...
NFRA vs Deloitte Haskins & Sells LLP, CA A.B. Jani & CA Rakesh Sharma – Professional Misconduct in ZEEL Audit Regarding ₹200 Crore Fixed Deposit Transactions
Facts of the CaseZee Entertainment Enterprises Limited (ZEEL), a
listed media and entertainment company, reported a fixed deposit of ₹200 crore
with Yes Bank during FY 2018-19. The fixed deposit was prematurely close...
Commissioner of Income Tax vs. Exxon Mobil Lubricants Pvt. Ltd. (2010) 2010:DHC:4395-DB | Prior Period Expenses Allowable in Year of Crystallization of Liability under Section 37(1) of the Income Tax Act, 1961
Facts of the Case
The
assessee, Exxon Mobil Lubricants Pvt. Ltd., filed its return declaring a
loss of approximately ₹3.81 crores.
During
scrutiny assessment, the Assessing Officer observed that t...
NFRA Penalises Auditor for Failure to Report Fraud, Inadequate Audit Evidence and Non-Compliance with Standards on Auditing – Religare Finvest Limited Case In the matter of CA Neeraj Bansal (ICAI Membership No. 095960), Engagement Partner and Statutory Auditor of Religare Finvest Limited (RFL) for FY 2017-18 under Section 132(4) of the Companies Act, 2013.
Facts of the CaseThe National Financial Reporting Authority (NFRA) initiated
proceedings against CA Neeraj Bansal, Engagement Partner (EP) and Statutory
Auditor of Religare Finvest Limited (RFL) for FY 2017-18. The pro...
Commissioner of Income Tax vs. Napcon Turbo Chargers Ltd. | Business Expenditure Allowability During Temporary Suspension of Manufacturing Activity and Depreciation Claim on Plant & Machinery | Delhi High Court
Facts of the Case
Napcon
Turbo Chargers Ltd. was engaged in the business of manufacturing turbo
chargers.
Owing
to technical difficulties and lack of orders, the company could not
undertake ma...
Commissioner of Income Tax (CIT) vs. IFCI Ltd. & Connected Assessees – Taxability of Interest on Securities, Hire Purchase Charges and Finance Lease Rentals under the Interest Tax Act, 1974 | Delhi High Court
Facts of the CaseThe Revenue challenged the orders of the Income Tax Appellate
Tribunal (ITAT) whereby various additions made by the Assessing Officer under
the Interest Tax Act, 1974 were deleted.The disputed addition...
Commissioner of Income Tax v. Annu Kishore [2010:DHC:9962] (Delhi High Court) – Addition for Alleged Unexplained Investment in Land Cannot Be Sustained When DVO Valuation Accepted in Co-Owners' Cases
Facts of the CaseThe dispute arose from the assessment for Assessment Year
1999-2000. The assessee, Annu Kishore, was one of five co-purchasers of a
property. During assessment proceedings, the Assessing Officer made a...
Ravina Khurana Vs Commissioner of Income Tax, New Delhi & Ors [2011:DHC:3503-DB]: Recovery of Income Tax from Restrained Foreign Bank Accounts and Scope of Review Jurisdiction Under Order XLVII Rule 1 of CPC
FACTS OF THE CASE
The
applicant, Ravina Khurana, was a Director in the corporate entity M/s
Ravina & Associates Pvt. Ltd. * On 6th March, 2006, the
Central Bureau of Investigation (CBI) registered...
Ravina & Associates Pvt. Ltd. & Anr. Vs. Commissioner of Income Tax & Ors. - Scope of Review Jurisdiction under Section 260A/CPC in Income Tax Writ Proceedings: Dismissal of Re-hearing Claims in Garb of Factual Errors
Facts of the Case
The
applicant, M/s Ravina & Associates Pvt. Ltd., filed a Review
Application (RP No. 364/2011) seeking a review of the High Court’s
previous decision dated April 20, 2011, pass...
Palam Jain Educational & Welfare Society vs. Director General of Income Tax (Exemptions) | Threshold Criteria for Tax Exemption under Section 10(23C)(vi)
Facts of the Case
The
Petitioner, Palam Jain Educational & Welfare Society, is a society
registered under the Societies Registration Act, 1860, and manages several
unaided recognized minority scho...